HMRC has published the first sections of its new partnership tax manual.

The manual is "primarily written for HMRC staff but customers and their professional advisers may also find it helpful" and it "is mainly focused on direct tax, particularly income and Corporation Tax, but it also provides an awareness of other tax obligations that you may come across when dealing with partnerships".

PM - Partnership Manual: main contents:

PM100000 About this manual

PM120000 Introduction to Partnerships: contents

PM130000 Partnerships general: contents

PM140000 Self Assessment for Partnerships

PM160000 Calculating the taxable profits

PM190000 Partnership loss claims and restrictions

PM210000 Mixed member partnerships 

PM250000 Salaried member rules

PM270000 Indirect, Capital and Transfer Taxes and Other tax obligations

PM280000 Overseas partnerships and treatment for UK tax purposes

The Office of Tax Simplification (OTS) reviewed partnerships in 2013 and published an interim report in January 2014. The OTS identified a number of quick fixes that can be made now to make things simpler for partnerships (such as providing free software to file online), as well as several longer-term areas, which require further research but could create significant simplification for partnerships. These include allowing personal expenses to be claimed by partners, or even abolishing the need for the partnership return entirely for some businesses. One of its recommendations was that HMRC produce more guidance.

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